Hi Friends, today we have some fascinating real estate metrics to explore. For those of you who are buyers or sellers, I’m sure you’ll find this analysis particularly insightful. So let’s dive right in!
First, let’s take a look at the “Months Supply of Inventory,” which currently stands at 2.16. This metric provides us with an indication of how long it would take to sell all the homes on the market if no new listings were added. A lower number suggests a seller’s market, where demand exceeds supply, and vice versa. In this case, a supply of 2.16 months indicates a relatively tight market, meaning there is strong demand for homes compared to the available inventory.
Now, let’s turn our attention to the “12-Month Change in Months of Inventory,” which has seen an impressive increase of 31.71%. This metric measures the percentage change in the supply of homes over the past year. Such a significant rise suggests that inventory levels have increased significantly, potentially shifting the market dynamics from a seller’s market to a more balanced or even a buyer’s market. This change could offer more options and negotiation power for buyers.
Next, we have the “Median Days Homes are On the Market,” which currently stands at just 14 days. This metric tells us the average number of days it takes for a home to go under contract after being listed. A low median days on the market indicates a strong demand and a fast-paced market. In this case, homes are selling relatively quickly, which is great news for sellers who are looking for a swift transaction.
Moving on, we have the “List to Sold Price Percentage,” which sits at a commendable 98.3%. This metric highlights the percentage of the original listing price that a home ultimately sells for. A higher percentage suggests that sellers are receiving offers close to their asking price. This figure indicates that sellers are achieving a high level of success in terms of selling their homes at or near their desired price.
Lastly, let’s discuss the “Median Sold Price,” which currently stands at $298,000. This metric represents the middle point of all the sold prices in a particular market. The median sold price gives us an idea of the general price range that buyers and sellers are operating within. With a median sold price of $298,000, we can infer that the market is moderately priced, providing a range of options for buyers and potentially attractive returns for sellers.
In summary, these real estate metrics paint an interesting picture for both buyers and sellers. We see a relatively tight market with a low supply of inventory, indicating strong demand. However, the significant increase in inventory over the past year suggests a potential shift in favor of buyers. Homes are selling quickly, and sellers are achieving high list to sold price percentages. Additionally, the median sold price of $298,000 suggests a moderately priced market with opportunities for both buyers and sellers.
I hope this analysis has provided you with valuable insights into the current real estate market. Whether you’re a buyer or a seller, understanding these metrics can help inform your decisions and navigate the market effectively.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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